Hyderabad, November 07: M Narendra has taken over as the chairman and managing director of the Indian Overseas Bank recently. He has set ambitious growth targets for the bank. He said that bank aimed at growth of its advances by Rs 14,000 crore and deposits by Rs 29,000 crore in the second half of the current financial year.
The bank also expects to recover Rs 1,300 crore Non-Performing Assets in the current financial year. The bank has Rs 2,685 crore NPA as on September 2010 which has improved from the March 2010 level.
The bank today has a new team. Executive director Nupur Mitra is only eight months old into the bank and the other ED A K Bansal joined the IOB recently.
The IOB has overseas branches in Hong Kong, Singapore, South Korea, Sri Lanka and intends to upgrade its representative office in China and Dubai into full-fledged branches.
–Agencies